This invention is concerned with the recreational fishing equipment that enhances the pleasure of fishing by allowing a fisherman to see underwater space in the locality of the hook and bate. The devices known in the art that offer similar viewing are based on the use of sealed submersible video cameras attached to the end of a coaxial video cable. The cable transmits video signals from the camera to the video monitor placed near the fisherman. Such submersible video systems are especially popular among the ice fishing anglers as they help to realize better the situation under the ice, which blocks direct observations. Under water video cameras are also used on limited scale by professional fishermen to improve efficiency of fishing. There is some evidence of use the underwater video equipment by recreational anglers in warm waters of streams and rivers. U.S. Pat. Nos. 6,057,879, 6,784,920, 6,091,443, 6,262,761, 6,476,853 describe variations of the systems and equipment having in common a submersible video camera transmitting video signal to a monitor located above the water via a common video cable. All such systems have some drawbacks that this invention is destined to remove. One problem with the existing systems is that the actual use of them is quite cumbersome. Typically, the user needs to unwind or spread the video cable, connect the distal end of it to the camera, secure the proximal end to ensure the cable will not slip off in to the water, connect the cable to the monitor, and hookup the 12-volt battery. Then he would use two separate lines at the same time: the fishing line and the video cable line, which is much less flexible than the fishing line. The other problem with the existing systems is the relatively high cost of the small diameter coaxial cable. Children and retirees constitute the main part of population that engages in recreational fishing. The proposed invention allows the video capable fishing rod to be affordable to everybody, at the same time offering compactness and convenience of use.